Dogecoin, the joke cryptocurrency that surged to record highs in May, will begin trading on Coinbase, the largest cryptocurrency exchange, on Thursday. The company also said its Coinbase Card will begin working with Apple Pay and Google Pay this week for select members, which will allow cardholders to use their crypto to pay for purchases via the payment services.
Starting Tuesday, Coinbase Pro members can begin adding Dogecoin to their accounts in preparation for when trading starts on Thursday at noon ET/9 a.m. PT, according to a company blog post. Coinbase says there must be a sufficient amount of Dogecoin available for trades, and that it may halt trading if it "does not meet our assessment for a healthy and orderly market."
Dogecoin shot up in 2021 starting off the year with a value of less than a penny. It then began growing in value partially due to the increasing support from Tesla CEO Elon Musk. It peaked at 72 cents on May 7, days before Musk hosted an episode of Saturday Night Live. It, along with other cryptocurrencies, have since dipped in value due to news of China possibly restricting cryptocurrency trading in the country, and Musk saying Tesla would no longer accept Bitcoin for purchases due to environmental concerns. With Dogecoin jumping onto the largest crypto exchange in the world, it could gain another boost in value.
Coinbase members on the waitlist for the Coinbase Card will receive an invitation to apply for the card starting this week. Once approved, they will be able to use the credit card immediately on Apple Pay or Google Pay, and they can receive up to 4% back in crypto rewards for purchases.